News in end use

According to the latest Housing Trends Report (HTR), the number of potential home buyers who are actively engaged in the process of buying a home rose to 49% in Q2 of 2022. This follows three consecutive quarters of declines. The HTR believes the change is the result of less competition from buyers who have exited the market.

According to data from the Mortgage Bankers Association’s Weekly Mortgage Application Survey, for the week ending July 29, the Market Composite Index (a measure of mortgage loan application volume) increased 1.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1.0%.

The US Census Bureau reported today its Residential Vacancies and Homeownership statistics for the second quarter 2022. According to the report, the national vacancy rates in Q2 were 5.6% for rental housing and 0.8% for homeowner housing. The rental vacancy rate was 0.6 percentage points lower than the rate in the Q2 of 2021.

The Mortgage Bankers Association reported today, in its annual report on the multifamily lending market, that in 2021 there were 2,215 different multifamily lenders that provided a total of $487.3 billion in new mortgages for apartment buildings of 5 or more units.

On Tuesday, the US Bureau of Labor Statistics reported the Job Openings and Labor Turnover Summary for June 2022. According to the report, as of the last day in June, the number of job openings decreased to 10.7 million, down 605,000, or 6.6%. The largest decrease in job openings was in retail trade, down 343,000.

On Monday, the US Census Bureau reported that total construction spending during June 2022 was estimated at a seasonally adjusted annual rate of $1,762.3 billion, 1.1% below the revised May estimate of $1,781.9 billion. The June figure is 8.3% above the June 2021 estimate of $1,628.0 billion.

According to the latest Housing Trends Report (HTR), the popularity of new homes rebounded in Q2 of 2022 after declining steadily for the previous five quarters. The HTR is reporting that 21% of prospective buyers reported looking at a newly built home in Q2, up from 19% in Q1.

Statistics Canada reported today that real GDP was essentially unchanged in May, following a 0.3% increase in April. Growth in services-producing industries of 0.4% was offset by a decline in goods-producing industries of 1.0%. Overall, 14 of the 20 industry sectors tracked reported increases.

The US Bureau of Economic Analysis reported on Friday that, according to their estimates, personal income increased $133.5 billion, or 0.6%, in June. Disposable personal income increased $120.4 billion, or 0.7%, in June. Personal consumption expenditures increased $181.1 billion, or 1.1%, in June.

The University of Michigan today released its final Consumer Sentiment Index (CSI) for July. The Index of Consumer Sentiment increased to a reading of 51.5 in July, up from its 50.0 reading in June. This is a month-over-month increase of 3.0% but down 36.6% year-over-year (81.2 in July 2021).